Russian Central Bank

Russian Central Bank

On 31 October 2014 the Bank of Russia decided to raise key rate to 9.5% per annum, a 1.5% hike from previous rates. This is because of considerable fall in oil price and stricter sanctions imposed by certain countries have had a negative effect on the ruble.

The Bank of Russia estimates inflation to remain above 8% till the end of 2014 and in 2015 Q1. The Bank of Russia will continue to take measures against high inflation, targeting 4% in the medium run.

Key market moving events today

      • German Retail Sales down 3.2% in September
      • French Consumer Spending decreased in 0.8% September
      • Italian Monthly Unemployment Rate in 12.6% in September
      • Euro area inflation up to 0.4% annualy
      • Canada GDP fell 0.1% in August

Russian Central Bank targets 4% inflation

USD/RUB (H1)

Ruble has been spiking a lot on the past days as Russian Central Bank intervene, results are seen on the graph.

Value of Russian Ruble has been decreasing constantly over time. With the intervention from the Russian Central Bank we can see a slow down or sideways movement in the current trend.

Market moving events on Monday

      • Australia Building Approvals m/m
      • HSBC Final Manufacturing PMI
      • UK Manufacturing PMI
      • US ISM Manufacturing PMI

 

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